Looks like we are going to bounce in the next 2 days.
Strong bullish divergence on 1h and 4h, oversold on all time frames, potential formation of inverse H&S
Bullish:
1. we bounce to 380, back test 370 and rally to -$400
Bearish:
we bounce to 374, hit resistance (previous support) and fall further to 354 or even 340.
340 would be excellent entry for relief bounce with some 14% of gains, it is potentially where ABC correction would come into a play.
Good luck!
Strong bullish divergence on 1h and 4h, oversold on all time frames, potential formation of inverse H&S
Bullish:
1. we bounce to 380, back test 370 and rally to -$400
Bearish:
we bounce to 374, hit resistance (previous support) and fall further to 354 or even 340.
340 would be excellent entry for relief bounce with some 14% of gains, it is potentially where ABC correction would come into a play.
Good luck!
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there is also the danger of bear flag (US500) but the longer the flag is, the less likly it will playout.
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